Defective IT Return

Tax queries 189 views 8 replies
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Financial Analyst
27 Points Joined October 2020

Hi

My client received IT Notice asking for details of Pl account & Balance Sheet.

He is in the business in Insurance & Mediclaim advisor.

He is having bungalow at his native place costing Rs. 5 lac.

My question is, Is he required to show this in his Balance Sheet? If yes under which head?

Thanks in advance. 

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On 24 May 2021 at 17:32 Report
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131 Points Joined March 2017
Client is Individual then all assets and Liabilities of it shown in Balance Sheet Fixed Asset Head
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On 24 May 2021 at 17:53
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28018 Points Joined May 2017
If he has shown the included the same in the balance sheet , then let him file returns from certified pl and balance sheet.
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On 24 May 2021 at 17:57
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Chartered Accountants
2015 Points Joined August 2010

Question is not clear

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On 24 May 2021 at 18:05
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CMA
13117 Points Joined May 2009

Has the assessee opted for 44AD? For commission income, 44AD cannot be opted.

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On 24 May 2021 at 18:19
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Learner
2398 Points Joined May 2019
If bungalow is in his name then you have to show it under fixed assets side.
remember in balance sheet all assets and liabilities not only business or profession related but all the personal assets and liabilities should include.
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On 24 May 2021 at 18:24
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Chartered Accountant
24588 Points Joined November 2019
Yes show the bungalow under Fixed Assets
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On 24 May 2021 at 21:11
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tax consultant
3306 Points Joined October 2018
I dont think it is obligatory to report personal assets in the balance sheet of an individual.
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On 24 May 2021 at 23:37
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28018 Points Joined May 2017

What is his annual income?

According to the CATEGORY of income he will hv to choose his itr form and file returns.

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On 25 May 2021 at 12:17


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